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Problem 2-21A T-Account Analysis of Cost Flows [LO2-1,

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Problem 2-21A T-Account Analysis...

Problem 2-21A T-Account Analysis of Cost Flows [LO2-1, LO2-5, LO2-6, LO2-7]
Selected T-accounts of Moore Company are given below for the just completed year:
Raw Materials Manufacturing Overhead
Bal. 1/1 15,000
Credits ?
Debits 230,000
Credits ?
Debits 120,000
Bal. 12/31 25,000
Work in Process Factory Wages Payable
Bal. 1/1 20,000
Credits 470,000
Debits 185,000
Bal. 1/1 9,000
Direct materials 90,000 Credits 180,000
Direct labor 150,000
Overhead 240,000
Bal. 12/31 4,000
Bal. 12/31 ?
Finished Goods Cost of Goods Sold
Bal. 1/1 40,000
Credit ?
Debits ?
Debits ?
Bal. 12/31 60,000

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Submitted: 9 months ago.Category: Single Problem
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Customer reply replied 9 months ago
3. How much of the factory labor cost for the year consisted of indirect labor?4. What was the cost of goods manufactured for the year?5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)?6.
If overhead is applied to production on the basis of direct labor cost, what rate was in effect during the year?7. Was manufacturing overhead underapplied or overapplied? By how much?
Answered in 5 hours by:
9/10/2017
Business Tutor: Pateel Papazian, CPA replied 9 months ago
Pateel Papazian
Category: Single Problem
Satisfied Customers: 25
Experience: Financial Trainer and Consultant at Pateel Papazian Training and Consulting Group
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Hello,

I can work on this next week, sometime between Sept 13 and 14. Is that ok with you?

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